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R. W. MORRISON, PRESIDENT. J. ELWOOD COX, CHAIRMAN OF BOARD. A. H. SISSON, VICE PRES'T & TREAS.

SOUTHERN CAR COMPANY
MANUFACTURERS OF
PASSENGER EQUIPMENT AND SUPPLIES
FOR STEAM AND ELECTRIC RAILROADS

ADDRESS ALL COMMUNICATIONS TO THE COMPANY. (ST. LOUIS OFFICE: ROOM 1105 CHEMICAL BUILDING) CABLE ADDRESS "SOCAR"
HIGH POINT, N.C.

May 11th, 1914

Mr. J. J. Welch,
City.

Dear Sir : -

We are enclosing herewith copy of the Southern Car
Company's Statement as of April 20th, and trust you will find
same of interest. You will note that there is a marked im-
provement in this statement over the one issued January 1st,
and we hope to show even greater improvement at our next meeting.
We regret that you were absent at the Stock-Holders Meeting and
if there is any criticism which you desire to make in regard to
the enclosed statement or if there is any further information we
can give you, let us hear from you.

Very truly yours,
SOUTHERN CAR COMPANY.
A. H. Sisson
Vice-President.

AHS/A